Highway Infrastructure IPO continues to garner strong investor interest on the second day of share sale in the primary market. The Rs 130-crore initial share sale got fully subscribed within hours of opening for bidding on August 5 and concluded the first day with 27.04 times subscription.
At around 1:30 p.m. today, the Highway Infrastructure Ltd. IPO received bids for nearly 85 crore shares against 1.60 crore shares on offer, translating into 52.92 times subscription, according to data available with the NSE.
Non-institutional investors category was booked 67.29 times while the Retail Individual Investors’ quota was subscribed 55.97 times. The Qualified Institutional Buyers’ portion received 5.54 times subscription. Earlier, it raised raised Rs 23.40 crore from anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.
The IPO will conclude on Thursday. The price band has been fixed at Rs 65-70 per share.
Highway Infrastructure IPO GMP Today Price
According to websites tracking the grey market activities, the shares of Highway Infrastructure are commanding a GMP of over 54 percent in the unregulated market. Investorgain quoted a GMP of Rs 38 for the shares of the company, indicating a listing gain of 54.29 percent.
Highway Infrastructure IPO: Should you subscribe?
Bhavik Joshi, Business Head, INVasset PMS, noted that the Highway Infrastructure Ltd.’s IPO arrives at a time when India’s infrastructure push is being actively translated into on-ground execution, particularly in roads, tollways, and urban development.
As a multi-vertical player with established expertise in toll collection and EPC infrastructure, the company’s strategic positioning aligns with the government’s continued emphasis on digital tolling, expressway expansion, and semi-urban connectivity. Its adoption of ANPR and RFID-led systems for toll management underscores a shift toward tech-enabled operational efficiency — a model increasingly rewarded by public authorities in new tenders.
"However, the company’s topline contraction in FY25, despite an uptick in net profits, warrants a closer look. The surge in profitability may partly reflect one-off efficiencies or contract timing, which should be normalized before projecting forward valuations. With a current order book of ₹666 crore — 90% of which stems from EPC — the company’s earnings visibility appears medium-term, especially if toll revenues remain sub-scale. At the upper price band, the IPO demands a P/E multiple of over 22x FY25 earnings — placing it between larger, established infra players and mid-sized EPC peers. While this is not unreasonable, it leaves limited margin of safety for near-term investors," he noted.
He added, "From a macro perspective, India’s infra spend remains a durable theme, particularly in transport and housing. Investors with a multi-year horizon may find merit in HIL’s digitized toll operations and regional EPC execution. Yet pricing discipline and project scalability will be critical for consistent value creation. A measured, allocation-based approach is advisable."
Incorporated in 1995, Highway Infrastructure Ltd (HIL), is engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development.
The Indore-based company specialises in the construction and maintenance of roads, highways, bridges, and residential projects. The company's total income stood at Rs 504.48 crore, and its profit after tax was Rs 22.40 crore.
Highway Infrastructure IPO shares will be listed on the BSE and NSE on August 12, while the allotment will take place on the official registrar to the issue Bigshare Services on August 8.
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